Bitcoin Breaches 42K as bulls remain in control

After a volatile week, bitcoin has made its rise above its significant intra-range resistance level located at $42,000. With the FED announcement in hindsight, and some fundamental announcements echoing throughout the altcoin space, the interest in participating is slowly but surely returning as volume is picking up throughout the crypto space overall.

Bitcoin is currently trading in an overall sideways range with support and resistance zones marked out by the red boxes at respectively $39,000 and $43,500. Within this range the blue boxes mark out important regions in order to determine how the range might process further.

Zooming in towards a more local timeframe, we can see that while in the higher timeframe,  which looks like choppy price action, the blue regions are well respected, with important developments in between the $41.000 and $42.000 dollar mark. The latter has proven to be a significant level over the last month, as price gave reactions throughout its range progression upon its establishment.

As we are nearing the completion of the blue regions, and seemingly trading upwards away from the $42,000 level. As price maintains an upwards structure, and with continued demand showing up, price might travel towards $45,000 on the condition that $42,000 is established as confirmed support upon clearing the $43,000 resistance level.

Should the level not hold and lose  $41,000 instead, the current local trend would be broken, and pave the way for $39,000 to be tested again, and from there on an updated piece of analysis would suffice!

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